Innovative Industrial Properties Inc., a cannabis-related Real Estate Investor Trust, has filed to be a public company, seeking to be traded on the New York Stock Exchange, according to a Forbes report. If approved, the company would be the first cannabis-related business to be listed on the NYSE.
The company plans to sell 8.75 million shares at $20 each under the symbol IIPR — in total, there are 10 million shares, giving the company a $200 million valuation.
Additionally, the trust is currently working on a deal with PharmaCann which would see the company buy Pharmacann’s 127,000 square foot building in New York, and then lease it back to them for $30 million. That deal is expected to close in a couple of months. According to Jeremy Unrah, PharmaCann general counsel, the deal is one way for the company to raise money due to the financing challenged in the cannabis industry.
“You don’t get construction loans like normal companies,” he said in the report. “We had millions tied up in this facility, so it made sense.”
Innovative Industrial Properties plans on focusing its assets to legalized states, including Illinois, California, Maryland, Arizona, Washington, Massachusetts, Nevada, Oregon and New York.
Historically, the NYSE has declined to allow the listing cannabis-centric companies. In May, Nasdaq denied the application of the social network MassRoots.
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